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Do you know that Pag-ibig Members can avail Multiple Housing Loans? Avail, Invest and take advantage of low interest rates.
As a Real Estate Broker, I received many questions from clients if they can still avail for another Pag-ibig Housing Loan considering they already have an existing Housing Loan. Before, Pag-ibig won’t allow its borrowers to have more than one Housing Loan. But effective last April 1, 2015, under Circular No. 353, Pag-ibig grants its borrowers to avail a Multiple Housing Loan under the following conditions;,
1. The resulting amortization payments for all loans are within his capacity to pay; and,
2. The aggregate loan value, representing the outstanding balances of his existing housing loans and the loanable amount for the new housing loan, does not exceed P6,OOO,OOO. In case he is also a co-borrower, his proportionate share in the outstanding balance of the existing housing loan under a tacked loan shall be included in the computation of the said aggregate loan value.
In case of multiple loans, should one (1) of the housing loan accounts becomes in default, all of the housing loan accounts of the borrower shall be considered in default as well.
Soure: http://www.pagibigfund.gov.ph/circulars.aspxNumber 1 means that the total monthly amortizations of the 2 or all Housing Loans must not fall below 35% of the Gross Monthly Income.In the event the borrower can’t reach the 35% requirement, he/ she can still avail a Loan but he/she needs a Co-Borrower.A Co-Borrower can be he/her spouse, live-in partner (needs approval), siblings.
TAKE ADVANTAGE of LOW Interest Rates.With the current housing loan interest rate, which is at its lowest now, it’s very ideal to avail a housing loan now and take leverage of it. A Borrower may maximize his/her Pag-ibig by availing additional Housing Loan thru purchase of another house or condo. The additional property can be rented out for passive income or it can be sold at a higher price right after turnover or few years after. At present, prices of real estate properties ( both condo and houses) increases between 8.5% to 12% every year.Nowadays, placing huge amount of savings in bank deposits is not anymore ideal. Consider this following factors; Current inflation rate is at 3.3%, Interest rate on deposits is only 0.5 to 1% per annum less the withholding tax.
